Reconstruction Loan Coverage Available From First American Title
—Special Rate Filing Offers 50-percent Discount on Title Insurance for California Fire Victims—
October 28, 2003, SANTA ANA, Calif.
In the wake of recent fire damage throughout Southern California, First American Title Insurance Company today announced that property owners seeking post-disaster reconstruction loans are eligible for a 50-percent reduction on title insurance fees associated with securing those loans.
Available to California property owners for decades, First American’s special rate for disaster recovery loans can be used when securing any private or federal loans made available to victims in a declared disaster area. The reduced rate will apply to any reconstruction loan taken within two years after the date the disaster is declared.
Gary L. Kermott, president of First American Title Insurance Company commented: “In light of the tragedy that so many of our neighbors have recently experienced, we hope that—combined with low-interest, fixed-rate loans—our reduced rate title insurance policy can help those affected rebuild and repair as quickly as possible.”
First American’s reconstruction loan policy was used by many property owners following the 1994 Northridge, Calif., earthquake and in other widespread disasters.
First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through nearly 1,200 offices and an extensive network of agents throughout the United States and abroad. The company has its headquarters in Santa Ana, Calif. Information about The First American Corporation’s subsidiaries and an archive of its press releases can be found on the Internet at www.firstam.com.